Paying too much Tax! Ways to reduce it?

TestLink

Registered User
Messages
123
Both myself and my wife are working. My salary is around 43000 and my wife salary is 45,000 per annum. My wife has the full tax credit. All the bills are going from my wife's account. I am paying around 750 euro tax per month. What is the best way to reduce this tax amount?

My Fortnightly Salary Slip details:
Reg Pay : 1612
PAYE: 340
PRSI:64
Super Annuation:70
USC:46
ASC:25


Can I join an AVC or some thing like that so that that amount is gone / save money before tax?

Do I need to contact any tax consultant or accountant? If yes, any suggestions?
 
No need for accountant.

First, check that all tax credits are correct.

List them all here.

Have you claimed tax relief on any medical expenses? Check that.

After that, yes, pension conts are the main way to reduce tax.

You would have to review your whole finances and plans to see whether further pension conts are desirable.

As a public servant, your future pension may be adequate, so maybe no reason to enhance the pension.
 
There is no need to get for accountant - AVC's are the best way to reduce tax , but there are limits as to how much you can put in. Depending on age it ranges from 25% upwards. Check Pensions Authority and Revenue websites. Pensions are very much in the news at the moment and who knows what rules will change.
 
Please see attached docs. Extracted from revenue.ie
 

Attachments

  • Tax Credit and USC certificate.pdf
    79.9 KB · Views: 684
  • Tax Credit 1.JPG
    Tax Credit 1.JPG
    42.4 KB · Views: 334
  • Tax Credit 2.JPG
    Tax Credit 2.JPG
    18.8 KB · Views: 326
I dont want to put money in Stock / Shares as growth is probable but not certain. What about AVC? Would I be able to get it at a certain age or is it only available at 67?
 
Back
Top